1620 Rev John Raphael Jr Way · New Orleans, LA 70113

$90,000

3 bd · 3.0 ba · 1,385 sqft · MultiFamily public records · 770 Days on market

Built 1973 2,421 sqft lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

This corner triplex presents an amazing investment opportunity. Has served as several businesses. It was previously a barber shop, beauty shop and income tax office. Don't miss out on the opportunity to renovate and flip or use for rental income.

Key facts

• 2,421 sq ft lot
• Parking
• Built 1973

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 67.8% vs local median 4.4% in New Orleans — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#3 in LA, #1,383 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime C-, employment D.
• Orleans Parish (urban): math 11% / reading 27% proficiency, ranked #69 of 98 in LA (top 70%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.0%/yr); 137 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 710 units permitted in Orleans Parish in 2024 (244 in 5+ unit buildings).
• At $6,777/mo this rent would consume 207% of the median local household income ($39k/yr) (locally 714% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $10k of equity ($622 loan paydown + $9k appreciation (10.0% local appreciation)).
• Orleans County population projected at +61% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.0% rent growth), your $25k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 770 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask is 6823% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: property tax is 3.1% of price; flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 6→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 770 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 7.53% ✓
• Cap rate: 67.77%
• Cash-on-cash: 219.56%
• DSCR: 10.77
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $186,975
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2223 25 Felicity St	0.02mi	4/2.0 (+1)	1,465 (+6%)	9mo	$155,000	$106	72
2114 16 Josephine St	0.23mi	4/2.0 (+1)	1,407 (+2%)	16mo	$299,000	$213	64
2620-22 Philip St	0.27mi	4/2.0 (+1)	1,472 (+6%)	8mo	$159,000	$108	61
2809 11 Third St	0.44mi	4/2.0 (+1)	1,404 (+1%)	23mo	$80,000	$57	49
1809 11 Third St	0.60mi	4/2.0 (+1)	1,585 (+14%)	1mo	$260,000	$164	38
2304-06 6th St	0.64mi	2/2.0 (-1)	1,183 (-15%)	10mo	$159,900	$135	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.98% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 15.27×
• Total profit: $359,589
• Equity at exit: $81,079

10-year hold

• IRR: —
• Equity multiple: 35.91×
• Total profit: $879,645
• Equity at exit: $174,850

Cash invested: $25,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Louisiana: 90 Strongly Landlord-Friendly · R+12
• County: — inherits STATE
• City: — inherits STATE

5-day notice; no state rent control; civil-law jurisdiction; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 70113

• Rents YoY: 6.0%
• Active inventory: 137
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $6,777 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$234 /mo · $2,803/yr
• Insurance: −$38
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,423
• Net cashflow: $4,544

Break-even live

Break-even rent $1,025

Max offer price $90,000

Occupancy floor 28%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,777
Total (3 units)			$6,777

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1614 Rev John Raphael Jr Way New Orleans, LA	3.0	2.0	1000	$1,500	$1.50	24d	1	0.03mi
2318 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1400	$1,700	$1.21	24d	1	0.09mi
2123 S Liberty St Unit 2125 New Orleans, LA	3.0	2.0	1500	$2,100	$1.40	3d	1	0.14mi
2526 Martin Luther King Junior Blvd New Orleans, LA	3.0	2.0	1200	$2,200	$1.83	3d	1	0.16mi
2119 Josephine St New Orleans, LA	3.0	1.0	1017	$950	$0.93	21d	1	0.18mi
2032 Saint Andrew St New Orleans, LA	3.0	2.0	1035	$1,830	$1.77	17d	1	0.21mi
2102 Josephine St New Orleans, LA	4.0	2.0	1286	$2,100	$1.63	24d	1	0.21mi
2231 S Liberty St New Orleans, LA	3.0	3.5	1752	$2,000	$1.14	17d	1	0.22mi
2722 Martin L King Bl New Orleans, LA	3.0	2.5	1350	$1,800	$1.33	24d	1	0.26mi
2515 Erato St Unit 102 New Orleans, LA	2.0	1.0	1000	$2,100	$2.10	21d	1	0.27mi
1407 Magnolia St New Orleans, LA	3.0	2.0	1824	$1,500	$0.82	24d	1	0.27mi
2818 Saint Andrew St New Orleans, LA	2.0	1.0	900	$1,550	$1.72	24d	1	0.28mi
1944 Jackson Ave New Orleans, LA	3.0	2.5	1572	$2,500	$1.59	44d	1	0.30mi
1848 Felicity St New Orleans, LA	2.0	1.0	1000	$1,300	$1.30	17d	1	0.31mi
2225 2nd St New Orleans, LA	3.0	2.0	1100	$1,800	$1.64	24d	1	0.35mi
2227 Second St New Orleans, LA	2.0	2.0	1100	$1,900	$1.73	24d	1	0.35mi
1827 Baronne St Unit C New Orleans, LA	2.0	1.0	876	$1,450	$1.66	24d	1	0.35mi
2403 S Saratoga St New Orleans, LA	3.0	2.5	1600	$2,500	$1.56	24d	1	0.37mi
1915 Philip St New Orleans, LA	3.0	1.5	1300	$2,450	$1.88	24d	1	0.39mi
1809 Carondelet St Unit 1809 New Orleans, LA	2.0	2.0	1086	$2,000	$1.84	3d	1	0.44mi
1809 Carondelet St New Orleans, LA	2.0	2.0	1086	$2,200	$2.03	24d	1	0.44mi
2222 Fourth St New Orleans, LA	2.0	1.5	937	$1,550	$1.65	24d	1	0.48mi
1715 Jackson Ave Unit B New Orleans, LA	2.0	2.0	1200	$1,850	$1.54	2d	1	0.48mi
1643 Josephine St New Orleans, LA	1.0–2.0	1.5–2.0	814	$2,249	$2.76	2d	11	0.49mi
2107 Fourth St New Orleans, LA	3.0	1.0	1292	$1,775	$1.37	17d	1	0.50mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1232	$2,300	$1.87	24d	1	0.51mi
2717 Loyola Ave New Orleans, LA	3.0	2.0	1250	$2,300	$1.84	2d	1	0.51mi
875 O'Keefe Ave #205 New Orleans, LA	2.0	2.5	1040	$2,250	$2.16	17d	1	0.56mi
2233 Saint Charles Ave New Orleans, LA	2.0	1.0–2.0	637	$2,439	$3.83	2d	1	0.57mi
2733 Danneel St New Orleans, LA	4.0	2.0	1350	$1,775	$1.31	24d	1	0.58mi
2705 Dryades St New Orleans, LA	2.0	1.0	1100	$2,000	$1.82	24d	1	0.58mi
3108 Second St New Orleans, LA	3.0	3.0	1216	$2,100	$1.73	3d	1	0.58mi
2341 S Roman St Unit U New Orleans, LA	3.0	2.0	1000	$1,850	$1.85	24d	1	0.59mi
1618 Philip St New Orleans, LA	2.0	2.0	1200	$1,950	$1.62	24d	1	0.59mi
2100 Saint Charles Ave New Orleans, LA	1.0–2.0	1.5–2.0	1077	$3,500	$3.25	3d	2	0.59mi
2100 Saint Charles Ave Unit 3M New Orleans, LA	2.0	2.0	1425	$3,500	$2.46	44d	1	0.60mi
822 Howard Ave Unit 1272354P New Orleans, LA	1.0–5.0	1.0–4.0	1749	$6,618	$3.78	2d	3	0.60mi
3120 Second St New Orleans, LA	3.0	3.0	1256	$2,050	$1.63	24d	1	0.60mi
3122 2nd St New Orleans, LA	3.0	3.0	1206	$2,075	$1.72	24d	1	0.60mi
1525 Melpomene St Unit Na New Orleans, LA	3.0	1.5	1700	$4,000	$2.35	44d	1	0.60mi

Listing history 11 events

1. 2026-04-25
   listed $1,300
2. 2025-12-18
   soldstatus $80,000
3. 2025-12-16
   status Pending
4. 2025-07-24
   price $90,000 246-char remark

   Show marketing remark (246 chars)

   This corner triplex presents an amazing investment opportunity. Has served as several businesses. It was previously a barber shop, beauty shop and income tax office. Don't miss out on the opportunity to renovate and flip or use for rental income.

5. 2025-07-24
   price $90,000

   Show marketing remark (246 chars)

   This corner triplex presents an amazing investment opportunity. Has served as several businesses. It was previously a barber shop, beauty shop and income tax office. Don't miss out on the opportunity to renovate and flip or use for rental income.

6. 2024-07-24
   price $120,000
7. 2024-04-18
   price $140,000
8. 2023-11-07
   listed $120,000 Active 246-char remark

   Show marketing remark (246 chars)

   This corner triplex presents an amazing investment opportunity. Has served as several businesses. It was previously a barber shop, beauty shop and income tax office. Don't miss out on the opportunity to renovate and flip or use for rental income.

9. 2023-11-07
   listed $170,000 Active

   Show marketing remark (246 chars)

   This corner triplex presents an amazing investment opportunity. Has served as several businesses. It was previously a barber shop, beauty shop and income tax office. Don't miss out on the opportunity to renovate and flip or use for rental income.

10. 2023-10-09
    price $170,000
11. 2023-05-01
    listed $170,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast LA · Resets to sale price

• Current annual tax: $2,803 · $234/mo
• Projected year-2 tax: $2,803 · $234/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 75% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 6 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $81,324
• − Mortgage interest: −$5,041
• − Property taxes: −$2,803
• − Insurance: −$1,248
• − Repairs & maintenance: −$6,506
• − Management: −$6,506
• − Depreciation: −$2,618
• Taxable income: $56,602
• Est. tax owed @ 24.0%: −$13,584
• After-tax cash flow: $40,947/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orleans Parish
• NCES district ID: 2201170
• Math proficiency: 11% ▼ -52.00%
• Reading proficiency: 27% ▼ -46.00%
• Median HH income: $37,011
• Composite: 15.78/100
• National rank: #9271
• State rank: #69 of 98 in LA

Livability — New Orleans

• Score: 81/100
• State rank: #3
• US rank: #1383

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime C- Employment D Housing B- Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Orleans, LA
• County: Orleans Parish · 338,817 people
• City population: 338,817
• Metro: New Orleans-Metairie, LA
• Population (ZIP): 9,387
• Household income: $39,333
• Rent vs Own: 75.4% rent · 24.6% own
• Severe rent burden: 714.0

Population outlook (Orleans County) Hauer SSP2

• Today (2025): 513,025 people
• By 2030: 575,781 · +12.2%
• By 2040: 700,174 · +36.5%
• By 2050: 826,541 · +61.1%
• By 2075: 1,123,374 · +119.0%
• By 2100: 1,355,609 · +164.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 20% Hispanic / Latino 13% Two or more races 11% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Portuguese 1% Slovak 1%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 11% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Orleans

• 2024 margin: Solid D (+67.0) · D 82.2% · R 15.2% · Other 2.7%
• 2008→2024 swing: +6.7pp toward D · 2008: 60.3pp · 2024: 67.0pp
• All cycles: 2024: D+67.0 2020: D+68.2 2016: D+66.2 2012: D+62.5 2008: D+60.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 65.92%
• Current HPI: 229.3968
• Rent YoY: ▲ 5.98%
• Metro: New Orleans-Metairie, LA
• State GDP YoY: ▲ 3.29%
• F500 in state: 10

Industry mix (Fortune 500 HQ in LA)

Industry	F500 HQs	Revenue
▸Telecommunications	2	$23B
▸Utilities	1	$12B
▸Wholesale / Distribution	1	$5B
▸Advertising	1	$2B

Price history

-99.2% since first listed

11 events — show timeline

• 2026-04-25 Listed for Rent $1,300 RAAMLS
• 2025-12-18 Sold (Public Records) $80,000 Public Records
• 2025-12-16 Pending — GSREIN
• 2025-07-24 Price Changed $90,000 AcadianaMLS
• 2025-07-24 Price Changed $90,000 GSREIN
• 2024-07-24 Price Changed $120,000 GSREIN
• 2024-04-18 Price Changed $140,000 GSREIN
• 2023-11-07 Listed $170,000 GSREIN
• 2023-11-07 Listed $120,000 AcadianaMLS
• 2023-10-09 Price Changed $170,000 GSREIN
• 2023-05-01 Listed $170,000 AcadianaMLS

Property tax history

+2.5%/yr

Latest (2026): $2,803 · +1.1% YoY. Source: county tax records.